The timelines for reversals and resolution of refund complaints on electronic banking channels have been adjusted by the Central Bank of Nigeria (CBN).
A statement by Isaac Okorafor, the CBN Director of Corporate Communications, said that the new directive takes effect from June.
The apex bank also stated that the adjustment on failed “Automated Teller Machine (ATM) transactions,” when customers used their cards on their bank ATMs, would now be instantly reversed from the current timelines of three days.
The CBN, according to the statement, directed that where instant reversal failed due to any technical issue or system glitch, the timeline for manual reversal should not exceed 24 hours.
The statement explained further that refund for failed “Not on us ATM transaction,” where customers used their cards on other bank’s ATMs, should not exceed 48 hours as against the current three to five days policy.
On the resolution of failed POS or Web transactions, Okoroafor stated that such issue should be concluded within 72 hours as against the current five days.
The statement added that the new directive is aimed at further enhancing service quality and hasten quick refunds when customers experience failed transactions, dispense error or dispute.
The CBN stated:
Members of the public are therefore requested to refer to the updated guidelines for the operation of electronic payment channels on the bank’s website www.cbn.gov.ng for further details.
All banks are directed to resolve backlog of ATM, POS and web customer refunds within two weeks.
Additionally, key service providers in Nigerian financial system have also committed to establishing integrated dispute resolution platform for the industry and enhance their payment system infrastructure to reduce incidences of transaction failure.
The directive by the CBN followed complains from bank customers who face constant troubes while employing available banking channels to meet their needs at various points in time.